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What financial statements affected by the transaction are

Assignment Help Financial Accounting
Reference no: EM132934416

Problem 1: The accumulated depreciation account will appear in:

1-Balance Sheet in the assets section

2-Balance Sheet in the liabilities section

3-Income Statement in the expenses section

4-State of Capital of the owner in the Other Capital section

Problem 2: Financial ratio analysis is most effective when:

1-It is compared over time

2-The reasons are linked to the investor's market analysis

3-It is reviewed at the end of each month

4-It is reviewed at the end of each quarter

Problem 3: MRI Company has an employee who earns a monthly salary of $ 7,200. FICA and Social Security taxes are 6.2% and FICA and Medicare taxes are 1.45% on gross income. The federal tax withheld from the employee's income is $ 135 per pay period. Based on this information, the financial statements affected by this transaction are:

1-Only the Balance Sheet

2-Only the Income Statement

3-Both the Balance Sheet and the Income Statement

4-There will be no effect on any financial statement since this transaction would affect the company's tax return, not its financial statements

Reference no: EM132934416

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